Over Rs 42,520 cr disbursed under MUDRA Yojna: PM Modi

Under Pradhan Mantri MUDRA Yojana, loans between Rs 50,000 and Rs 10 lakh are provided to small entrepreneurs

Over Rs 42,520 crore has been disbursed under the MUDRA Yojna to more than 66 lakh borrowers, of which nearly a third are women, Prime Minister Narendra Modi said today.

"MUDRA Yojana: funding the unfunded. The 3Es of MUDRA - enterprise, earning and empowerment," he said in a tweet.

MUDRA Yojana: funding the unfunded. The 3Es of MUDRA- enterprise, earning and empowerment. pic.twitter.com/6GQqdNxaGb

— PMO India (@PMOIndia) December 1, 2015

Under Pradhan Mantri MUDRA Yojana (PMMY), loans between Rs 50,000 and Rs 10 lakh are provided to small entrepreneurs.

Giving details, Modi said an amount of Rs 42,520.08 crore has been disbursed under the scheme to over 66 lakh borrowers.

Of the borrowers, over 23.50 lakh are women and 32.86 lakh are new entrepreneurs.

As many as 22,01,944 borrowers belong to SC/ST and OBC categories.

The Micro Units Development and Refinance Agency Ltd (MUDRA) focuses on the 5.75 crore self-employed who use funds totalling Rs 11 lakh crore and provide jobs to 12 crore people.

The scheme was launched by the Prime Minister Narendra Modi in April.

Three products available under the PMMY are Shishu, Kishor and Tarun, to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.

Shishu covers loans of up to Rs 50,000 while Kishor covers those above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.

The banking sector has been allocated an overall disbursement target of about Rs 1.22 lakh crore during 2015-16 for MUDRA loans.